Moldindconbank, one of Moldova's largest and most innovative banks, has launched WAY4 Cash by Code. This service, developed by OpenWay, makes it possible to receive cash money transfers at ATMs without the need for a plastic card. Moldinconbank is Moldova's best bank according to the American magazine Global Finance in 2015. OpenWay is a recognised leader in software for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.

Moldindconbank and OpenWay have completed implementation of WAY4 Cash By Code technology. The new ATM service allows bank customers to use an ATM to transfer funds from their card accounts to another individual who needs no card to receive the transferred cash at another ATM.

A sender specifies the transfer amount, the currency and the recipient's mobile telephone number. WAY4 automatically generates a code consisting of two parts: the first is printed on the ATM receipt and the second is delivered by SMS message to the transfer recipient. The cardholder shares their part of the code with the recipient.

Before the recipient receives the transfer in cash they must enter both parts of the code, the expected amount, and the transfer currency at any Moldindconbank ATM. After the data has been verified, WAY4 authorises the cash withdrawal. To increase security the validation period is strictly limited: if the amount is not withdrawn within 24 hours, the money is automatically returned to the sender's card account.

More than 170 Moldindconbank ATMs across Moldova support cardless cash withdrawals thanks to WAY4 technology.

"WAY4 Cash By Code technology is already being used successfully by our clients in other parts of the world – active users include cardholders of the financial institutions in Azerbaijan and Kenya. The technology is popular as it is easy and transparent for customers, and it also provides the required level of security," comments Dmitry Dovgal, Deputy Director of Business Development, OpenWay.

"Over the past few years, Moldindconbank, with the support of our partner OpenWay, has been implementing innovative issuing, acquiring and self-service channel solutions. The WAY4 platform's flexible architecture allows our bank to work with client profiles and quickly implement innovative services in the omni-channel model. We expect a high degree of interest in this new and convenient service that is unique for our market," – Dmitry Nikolaev, Director of the Bankcard Department, Moldindconbank.

In the bank's recent history, the last few years are especially notable. This has been a highly productive and successful period for Moldindconbank, which has gained a clearly defined strategy of development, a professional team of managers and, most importantly, has increased the number of clients loyal to the bank. The bank's internal strategy was aimed at increasing efficiency by searching for additional reserves and improving from within, while externally expanding the client base, range of services and constantly increasing its market presence.

Today Moldindconbank is one of the largest strategic banks in the Republic of Moldova with a well-developed infrastructure in the Republic, established business relationships and a strong reputation on the international financial market. The bank currently offers the maximum possible range of financial services on the local market through its large network of branches and representative offices all over Moldova. Its strong international reputation is reflected in support of correspondence relations with major world banks and in collaboration to attract long-term resources from international financial institutions such as the International Financial Corporation, World Bank, and other funds for international development.

In the future, Moldindconbank plans to continue its development as a universal bank offering corporate products (including loans to small and medium businesses) and retail directions. The bank's strategic priorities are to maintain a sufficient level of liquidity, increase its market presence and promote new products for small and medium businesses and for individuals.